Generali Investments Towarzystwo Funduszy Inwestycyjnych Acquires 2,300 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Generali Investments Towarzystwo Funduszy Inwestycyjnych increased its stake in ServiceNow by 71.9% in Q1 2023, now holding 5,500 shares worth $4.38 million.
• The company recently exceeded earnings expectations, reporting $4.09 per share compared to the consensus estimate of $3.57, reflecting a revenue increase of 22.4% year-over-year.
• Despite fluctuating price objectives from research analysts, ServiceNow's average rating remains a "Moderate Buy" with a target price of $1,115.20.

Generali Investments Towarzystwo Funduszy Inwestycyjnych lifted its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 71.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,500 shares of the information technology services provider's stock after purchasing an additional 2,300 shares during the period. ServiceNow makes up 2.8% of Generali Investments Towarzystwo Funduszy Inwestycyjnych's investment portfolio, making the stock its 6th largest holding. Generali Investments Towarzystwo Funduszy Inwestycyjnych's holdings in ServiceNow were worth $4,379,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position in ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after purchasing an additional 509,467 shares during the last quarter. FMR LLC lifted its position in ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after buying an additional 272,506 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after acquiring an additional 2,686,291 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in ServiceNow by 3.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock worth $2,814,433,000 after acquiring an additional 87,876 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in ServiceNow by 4.9% in the fourth quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider's stock worth $2,484,752,000 after purchasing an additional 109,293 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Stock Down 3.8%

NOW stock traded down $34.81 during midday trading on Thursday, hitting $877.50. 928,285 shares of the company's stock were exchanged, compared to its average volume of 1,677,857. The stock has a market capitalization of $182.52 billion, a price-to-earnings ratio of 110.32, a price-to-earnings-growth ratio of 4.08 and a beta of 0.93. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The firm has a 50 day moving average price of $988.58 and a 200-day moving average price of $947.68. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The company's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period last year, the company earned $3.13 earnings per share. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Needham & Company LLC lifted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Royal Bank Of Canada increased their price objective on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Tuesday, May 6th. Bank of America increased their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Piper Sandler increased their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Lawrence Jackson sold 757 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total transaction of $749,808.50. Following the sale, the director directly owned 588 shares of the company's stock, valued at approximately $582,414. This represents a 56.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,250 shares of company stock worth $5,318,667. 0.38% of the stock is currently owned by company insiders.

ServiceNow Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.